Retired persons as co-signers?

[BigCityDave 0]

Hello everyone,

Well my parents are now starting to show interest in co-signing to help me out. Only problem is they are both now retired and my Father just retired today.

How does it work for retired persons?

Thanks

[motu 5]

Hello everyone,

Well my parents are now starting to show interest in co-signing to help me out. Only problem is they are both now retired and my Father just retired today.

How does it work for retired persons?

Thanks

I am also retired. A retired person can show a statement from Social security - if that's the source of their retirement or as in my case - a private retirement institute - I tell them to send me a letter of verification of income and that's what they give me. It shows how much money every month I will receive and for how long (my case it is life time). I would then attach my tax return or returns (if they want three years returns for example). In case, they have their own personal retirement - then they can show statements of their funds from the annuity company; stock brokers/mutual funds people. Good Luck

[BigCityDave 0]

Hello everyone,

Well my parents are now starting to show interest in co-signing to help me out. Only problem is they are both now retired and my Father just retired today.

How does it work for retired persons?

Thanks

I am also retired. A retired person can show a statement from Social security - if that's the source of their retirement or as in my case - a private retirement institute - I tell them to send me a letter of verification of income and that's what they give me. It shows how much money every month I will receive and for how long (my case it is life time). I would then attach my tax return or returns (if they want three years returns for example). In case, they have their own personal retirement - then they can show statements of their funds from the annuity company; stock brokers/mutual funds people. Good Luck

Thanks motu

[Corey-Mariya 14]

Hello everyone,

Well my parents are now starting to show interest in co-signing to help me out. Only problem is they are both now retired and my Father just retired today.

How does it work for retired persons?

Thanks

Hey my aunt did it for My fiancee and I! Even if you are retired you should still get a w2 with your tax return! As long as they meet the minimum requirements everything will be fine!

[motu 5]

Hey my aunt did it for My fiancee and I! Even if you are retired you should still get a w2 with your tax return! As long as they meet the minimum requirements everything will be fine!

No it's not a W-2 it's a 1099R. But you are right - there is 'some' official document to show the amount received by retirees. Good Luck

[pushbrk 12,761]

Hey my aunt did it for My fiancee and I! Even if you are retired you should still get a w2 with your tax return! As long as they meet the minimum requirements everything will be fine!

No it's not a W-2 it's a 1099R. But you are right - there is 'some' official document to show the amount received by retirees. Good Luck

Dave's father will have a W2 because he only retired this week. He'll need a statement of his retirement income to add to the tax transcripts. Whether he ever has a 1099R would depend on how his retirement is funded. For instance if he retired at age 58 and will live off savings until at least age 59 1/2, he wouldn't have any 1099R.

When I retire in two years, my income categories will not change from 1099 to 1099R. I'll just stop working and the residual income will continue. If I were filing an I-134 at that time, I would simply indicate I was retired and provide tax transcripts. I would have neither pay stubs or any statement of retirement income. Circumstances vary.

[rebeccajo 14]

And for the last time, it's not a co-signer.

It's a sponsor.

[Minya's wife 24]

And for the last time, it's not a co-signer.

It's a sponsor.

Don't you just hate it when they don't listen.

-P